https://www.taxtmi.com/caselaws?id=313968 Delhi HC dismissed petition challenging LOC against petitioner, an auditor of Shilpi Cables, in a Rs. 1,770 crore siphoning case. Court held that SFIO investigation into complex web of companies and foreign entities was ongoing since 2020. Despite petitioner's claim of being non-beneficiary, court found he held position of responsibility as auditor and couldn't be absolved merely as spectator. Given petitioner's family abroad, minimal Indian assets, and flight risk potential that could impede investigation involving public sector funds, court refused to quash LOC in larger public interest. en-us Wed, 15 Feb 2023 00:00:00 +0530 Fri, 10 May 2024 06:55:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313968 Delhi HC dismissed petition challenging LOC against petitioner, an auditor of Shilpi Cables, in a Rs. 1,770 crore siphoning case. Court held that SFIO investigation into complex web of companies and foreign entities was ongoing since 2020. Despite petitioner's claim of being non-beneficiary, court found he held position of responsibility as auditor and couldn't be absolved merely as spectator. Given petitioner's family abroad, minimal Indian assets, and flight risk potential that could impede investigation involving public sector funds, court refused to quash LOC in larger public interest. Case-Laws Companies Law Wed, 15 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313968